Fewest Americans since Feb. 2008 seek jobless aid

WASHINGTON (AP)  The number of Americans seeking unemployment aid plummeted to 339,000 last week, the lowest level in more than four years. The sharp drop offered a hopeful sign that the job market could pick up.

The Labor Department says weekly applications fell by 30,000 to the lowest level since February 2008. The four-week average, a less volatile measure, dropped by 11,500 to 364,000, a six-month low.

Applications are a proxy for layoffs. When they consistently drop below 375,000, it suggests that hiring is strong enough to lower the unemployment rate.

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The decline adds to other evidence that hiring is improving. Last weeks jobs report showed the unemployment rate fell to 7.8 percent, the first time it has fallen below 8 percent since January 2009.